| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理系 === 89 === Taiwanese Enterprises use cross-border mergers and acquisitions (M&As) to gain international advantages, to develop continuely, to break through bottleneck, and to diversify into different industries. Nevertheless, cross-border M&As are difficult and complicated both in negotiation and operation of target enterprises. As a result, investors do not always evaluate cross-border M&As positively. The purpose of this paper is to explore the announcement effect of cross-border M&As on the changes of stockholders’ short-term and long-term wealth. This paper also study cross-border M&A factors such as industry difference, country economic level, and related industry, which affect short-term and long-term accumulated abnormal return.
The research sample includes 53 events of which cross-border M&As were declared for the first time during the period from January 1987 to January 2000. This paper tries to explain asset return by using the “Fama-French Three-Factor Model” (Fama-French,1996), which includes market, size, and book-to-market value factors, and to evaluate accumulated abnormal return by calculating Jensen’s alpha.
The findings of this paper include:（1）cross-border M&As has significantly accumulated positive long-term abnormal return.（2）electronics industry has significantly accumulated short-term abnormal return.（3）textile industry has significantly accumulated long-term abnormal return.（4）rubber industry has significantly accumulated long-term abnormal return.（5）cross-border M&As in developed countries has significantly accumulated short-term abnormal return.（6）cross-border M&As in related industry has significantly accumulated short-term abnormal return.
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